The annual financial statements of Soneri Bank Limited for the year ended 31 December 2016 were approved by the shareholders of the Bank in its 25th AGM recently held here. The meeting was chaired by Alauddin Feerasta, Chairman of the Bank.
Bank declared Rs1.88 billion after tax profit for the year ended 31 December 2016. The Shareholders also approved a cash dividend of Rs1.25 per share, which was recommended by the Board of Directors in their meeting held on 15 February 2017.
Chairman while addressing the meeting highlighted that 2016 was the year where bank completed its 25 years of operation and is standing tall and on course to meet its strategic objectives.
The Chairman further briefed the shareholders that the Bank has shown growth & reinforcement in all core areas of the Bank’s operations. Deposits grew by 13.83% over 2015 and net advances recorded a growth of 11.88% over 2015. Bank’s net assets (including surplus) amounted to Rs18.29 billion as of 31 December 2016.
Presenting the results he said that key reasons for successful performance in 2016 were the increased focus on core area of activity, advances, deposits and trade which allowed the Bank to overcome challenges due to thinning margins/spreads in the industry.—PR